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The First-Home-Buyer Checklist
Everything to sort out before you start house-hunting, deposit, borrowing power, government schemes, and the paperwork lenders actually ask for. Put together by Shaheera, who spent 20+ years inside the banks.
Or read our full guide to Victoria's first home buyer schemes →
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What's inside the checklist
- How much deposit you really needIncluding the 5% deposit and guarantor options most first-timers don't know about.
- What lenders look at in your borrowing powerIncome, expenses, credit cards, dependants, the actual formula they use.
- First-home-buyer schemes & stamp-duty concessionsThe 5% Deposit Scheme, First Home Owner Grant, Help to Buy, and what applies in Victoria.
- The documents to have readyPayslips, tax returns, bank statements, every piece of paper the lender will ask for.
- Common first-timer mistakes to avoidThings Shaheera's seen trip people up, and how to steer clear of them.
Why Exceed Finance
- Free service, paid by the lender on settlementYou get the checklist and expert guidance at no cost to you.
- 35+ lenders comparedWe don't work for any single bank. We find the loan that fits your situation.
- 20+ years' experience, plain-English guidanceShaheera spent two decades inside the banks before becoming a broker. No jargon, no spin.
Good questions
First-home buying, answered honestly
Most lenders ask for at least a 10–20% deposit, but there are pathways with as little as 5% through the government's 5% Deposit Scheme, or around 2% with the Help to Buy shared-equity scheme. The checklist walks you through each option and what you'll need to qualify, plus lenders' mortgage insurance and when it applies.
It's the federal scheme once known as the First Home Guarantee, now called the Australian Government 5% Deposit Scheme. It lets eligible first home buyers purchase with a 5% deposit and skip lenders' mortgage insurance. As of October 2025 there are no income caps and no limit on places. You mainly need to be a first home buyer and owner-occupier, an Australian citizen or permanent resident, and buying under the price cap for your area ($950,000 for Melbourne and Geelong). Shaheera can confirm your situation in one call.
In Victoria, eligible first home buyers may qualify for the First Home Owner Grant ($10,000 on new builds up to $750,000), stamp-duty savings (no duty up to $600,000, then a sliding concession to $750,000), and the federal Help to Buy shared-equity scheme. Note the old Victorian Homebuyer Fund has closed, Help to Buy has replaced it. The checklist maps out what applies at different price points.
Getting pre-approval can take a few days to a week once your documents are ready. Finding the right property varies, plan for at least 2–4 months of active searching. Once you've made an offer, settlement is typically 4–6 weeks. The checklist lays out a realistic timeline from start to keys.
The essentials: 3 months of payslips, your most recent tax return and ATO notice of assessment, 3–6 months of bank statements, photo ID, and details of any existing debts or credit cards. The checklist has a full document-ready section so nothing gets missed.
You don't need one, but a good broker saves you time and money. We compare 35+ lenders in one go, handle the paperwork, and know which lenders are more flexible with first-home-buyer applications. And because we're paid by the lender on settlement, our service costs you nothing in most cases.
Ready to get your checklist?
Pop in your details above and we'll send it straight over. No cost, no pressure, just the information you need to go into your first home purchase with confidence.